Hi WSO,
I am a Corporate Development professional within a niche industry (think engineering). I have been contacted by several "expert networks" (Guidepoint, GLG, ...) over the years and thought I would give it a try now. So far, I have had 4 expert calls, all with PE professionals looking for industry insights and investment advice.
Those calls have been very interesting and I think I really have been able to contribute value here while making some decent money.
Now, I am thinking about turning this into a permanent side hustle (website, register with more expert networks, ..).
Has anyone here made similar experience, respectively can recommend good expert networks?
Based on the most helpful WSO content, engaging in expert networks can indeed be a lucrative side hustle for professionals with niche expertise, like yourself in Corporate Development within engineering. Your experience with expert calls, especially with PE professionals, highlights the demand for industry-specific insights that can guide investment decisions.
Turning this into a more permanent side hustle by expanding your presence across multiple expert networks and possibly creating a dedicated website is a strategic move. It can not only increase your visibility but also your potential to attract more consulting opportunities.
While the context doesn't list specific expert networks beyond Guidepoint and GLG, these are among the top platforms known for connecting industry professionals with clients in need of expert advice. Other networks you might consider include AlphaSights, Third Bridge, and Coleman Research. Each has its unique strengths and client base, so exploring which networks align best with your expertise and industry focus would be beneficial.
Remember, the key to success in this endeavor is not just the depth of your expertise but also your ability to effectively communicate complex industry insights in a way that adds value to your clients' decision-making processes. Networking within these platforms and consistently delivering high-quality insights will be crucial.
Lastly, always ensure that your side hustle aligns with any existing employment agreements or policies to avoid conflicts of interest. It's a smart move to check in with your current employer's policies regarding external consulting work.
Sources: Good side hustle?, https://www.wallstreetoasis.com/forum/job-search/looking-for-advice-second-job-weekend-advice?customgpt=1, Headhunting Side Hustle: (1) Collect IB Analyst Resumes (2) ??? (3) Herd Monkeys (4) Profit, Expert Network (Exit Opps), Side Hustle in IB: is it wise to buy a franchise
I have a buddy in tech who does this, seems like a decent source of beer money. In addition to the ones you mentioned, he also uses AlphaSights.
I do it. I don’t have a website but I have relationships with a bunch of expert networks. The work is episodic. I’ll go 3-4 months with no bookings and then several seem to pop up overnight. I’m consistently pushing my hourly higher. The challenge is how often your area of expertise is called upon by their clients.
What industry expertise do you have being in PE? They usually look for senior operators no?
I work in capital formation and get a lot of calls on how to raise money for a new strategy, CRMs and Data providers for alternative asset managers, trends in the LP allocator community etc.
I'm a director at a secondary fund. I charge 1.2k/hour. I probably do 1 per week. Some people say my rate is too high, but it's the same as what my lawyer charges us and there are thousands of lawyers and only a handful of secondary investors.
Is this generally only for very senior folks for corporate backgrounds? I got messages for two recently, one didn't even really seem relevant to my background and the other was essentially my exact vertical but I was surprised they didn't target more experienced folks. I didn't respond but they followed up several times about it and have been thinking about it.
Mostly yes. However, I am very junior-level (albeit in a pretty niche vertical), and I did one for $400/hr where I was asked about my opinions on various CRMs as well as few questions about our niche space as a whole.
I too assumed it was a fluke but immediately said yes anyways because its $400. It went well, and they paid me, but I have never received interest for one otherwise.
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